Government Subsidies Drive Tesla To Lower Model 3 Price In China [Yahoo! Finance News]
Tesla, Inc. (TSLA)
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Source: Yahoo! Finance News
Tesla Inc.TSLAlowered the priceWhat HappenedOn Wednesday, during the company’s earnings conference call, the CEO of Tesla, Elon Musk said, “We are making rapid progress on lowering the production costs in China, and we're actually excited to announce on this call that we will be reducing the price of the standard range Model 3 tomorrow."This is thesecond timeWhy It MattersAccording to the Nikkei Asian Review, Musk’s announcement of the price cut on Model 3 came last week after the Chinese Ministry said it was reducing government subsidies for electric vehicles by 10% in 2020, and the subsidy would only be available for passenger cars costing less than $42,390.Analysts at Wedbush Securities Inc. have said that despite the pandemic,strong demandGene Munster, a Managing Partner at Loup Ventures, said that overall delivery numbers for Tesla’s vehicles this year are likely to range from 403,000 to 500,000.Tesla announced its Q1 earnings of $1.24 per share on Wednesday, which beat the cons
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